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Answer to Question #89752 in Macroeconomics for kobi may

Question #89752
Suppose 1 800 000 people are employed, 40 000 people are unemployed, and an additional
250 000 people are not in the labour force but are of working age. What is the formula for the
unemployment rate?. And how do you Calculate the unemployment rate.

What is the formula for the labour force participation rate? and if so how do you calculate this?

Thanks and i hope you have a great day.
Expert's answer

Unemployed people refers to those people who are over 16 years and are ready to work but do have jobs. It is calculated by diving number of the people who are unemployed are by total number of labor force multiplied by 100. The formula is;

Unemployment Rate= Unemployed people/Total labor force.

In this question;

The unemployed people are= 1,800,000+ 40,000+ 250,000= 2090,000 people.

Unemployed people= 40,000

Thus,

Unemployment Rate= 40,000/2,090,000*100%

                                  =1.9%

What is the formula for the labour force participation rate? And if so how do you calculate this?

Labor force participation rate is calculated by dividing total number of people employed with the total population and then multiply by 100. The formula is;

Participation rate= Employed people/Total population

 In the question;

Employed people= 1, 800, 000

Total population=2,090,000

Thus,

Participation rate=1800000/2090000*100

                           =86.1%

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Comments

Assignment Expert
16.05.19, 15:02

Dear kobi may, for more detailed explanations you can submit assignment to our control panel.

kobi may
16.05.19, 11:15

Hey.

I was assuming since I ordered that questions to be completed up to 4 pages i was assuming that all of the questions would be answered up to the page limit which was four?.

Assignment Expert
16.05.19, 10:52

Dear kobi may,
you can also submit your question as assignment and our experts will surely assist you. Price depends on complexity of your assignments and deadline. Please submit your assignments to our control panel and you'll get price estimation.

kobi may
16.05.19, 10:38

Excellent job man great work I am extremely impressed. I cannot wait until the rest of the questions are complete.

Do you offer extra tipping for great service because i am happy to tip freely a little bit extra once the questions have been completed.

Thanks and have an excellent day.

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